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Bitcoin (BTC) Evening Update: The Inverted Head & Shoulders Still Valid

in bitcoin •  7 months ago

SUMMARY

Note: I'm traveling and so videos will be available as soon as I return. Thanks for your patience.

On today's Mid-Day update, the below chart was presented where the whole correction since Feb 20th is labeled as an abc three wave correction wihin a larger blue wave 2.

Augmenting the above chart is how the Inverted H&S can fit into it. I had posted how symmetry is pretty important in basically any pattern. The below Left Shoulder outline has a deep and a shallow valley. Also, thus far, volume also confirms in that the LS volume as it is less than that of the Head.

So, with regards to symmetry, the right should (RS) is likely to be still in progress. The outline of RS also shows a shallow and a deep valley. Thus far, volume for RS is well below that of the H; hence, volume confirmation is positive.

Putting it all together, the LS, H, RS are confirmed by volume. This pattern fits well into he abc of blue wave 2 scenario and has not been invalidated. Let's see how overnight price acts on this pattern.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

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Is there a danger close point on price we should be aware of ?

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Since Haejin won't admit it looks awful for Bitcoin right now to his followers, because he doesn't respect them and thinks their stupid... I'll point out the obvious Bear case for Bitcoin... (P.S. if you want to refuse Bitcoin could possibly crash a lot further then keep your blinders on, you will never be a strong investor by refusing to acknowledge both the bullish and bearish possibilities of all financial markets):

Edit: Here is a long-term support line (green line) (which is very valid because price bounced off it three times already) that might not be the worst buy level if you believe in Bitcoin long-term (none of this is financial advice though!):

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The funny thing is that it is possible to draw a trendline in both ways. The matter is on how you interpret the data and manipulate with it. 😉

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great point. Its not just about drawing the trendline but also understanding it

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This is exactly the chart I drew up earlier today. I don't see how BTC is going to bounce from this very level up to $17k. I have some buys set around $6.5k if it gets there.

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Agree with you :)

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yeah man the line chart is very good in this instance for placing that falling trendline!

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hahaha, happiness is when you see your friends fails the same subject you failed and then satisfy yourself by saying " i am not alone". jokes apart.
but it will rise soon i believe that.

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I think from his Legal Disclaimer he is not advising anyone to buy. But still on the bounce, i believe BTC will still make huge bounce over time; this might take a lot of time (possibly months). Besides the price is still dropping at the moment.

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Come back when the bull market starts again, it's much easier then.

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Haha, so true, he does well in Bull markets but not so good in the ol' bear markets :P

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Wololo!

(RandoHealer has conducted healing on this post due to downvotes incurred here)

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The long term bullish trend line is still the long term key for me. This is STILL just a counter trend fall.

E1E33A72-6D95-4D64-896E-FFACD615C6DA.png

Try again

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To fully qualify for a meme it should have a text on it. Or, is it? 😂

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Wololo!

(RandoHealer has conducted healing on this post due to downvotes incurred here)

Thank you for your analysis

Everyone is saying not now. So I bought some. :) Always thank you.

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My best wishes,
@redouanemez

Dear noob , I know that the error of recognition is always forgiven, but not so that you can sell your face anonymously at the price of altruism. The way you try to update patches continuously for hours is to pay a lot of attention to the many people in the community. I have been wrong and feel ashamed of it. And now I understand why you hide your face.
If you are trying to contribute for community purposes, just stop.

What is the reason that the bitcoin value will go up and down sir?

Lets watch where it would go. I am exiiiited.

D6A71B82-464C-4099-98AB-43DB74630752.png

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My bet is that it is going to bounce from $7.5k back to the Moon. 🚀

This chart seems to be the last leg of an ABC correction to me on a larger degree to me. If it is, I think we'll be seeing 3-4k as you predicted weeks ago.

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BTC!!!!!!!!!!

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Good Job My Fri...

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Don't even mention. They are scared and going down so hard.

As my father Emperor told me at Ullanor..Buy the F***in dips my son"

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Haha.. i bought ETH at about $850, dip right? but now its $707. should I buy more at wait for a bounce or still wait for further dip?

Dear noob , I know that the error of recognition is always forgiven, but not so that you can sell your face anonymously at the price of altruism. The way you try to update patches continuously for hours is to pay a lot of attention to the many people in the community. I have been wrong and feel ashamed of it. And now I understand why you hide your face.
If you are trying to contribute for community purposes, just stop.

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When you copy/paste or repeatedly type the same comments you could be mistaken for a bot.

Tips to avoid being flagged

Thank You! ⚜

This post very nice..i like bitcoin,,i appreciate your blog..thanks for sharing this post,,,best of luck.

Knees and toes look questionable...